Real Estate Marketing & Beyond
Real estate prices in Singapore were largely unchanged over the previous month, with the country’s property index gaining just 0.2% over the month of July, thanks to the global uncertainty over the US and EU economies.
Singapore property outlook is good, say analysts © Aliona - Fotolia.com
Speaking to the IB Times, Colin Tan of the Chesterton Suntec International consultancy firms explained that the Singapore’s housing prices are likely to remain flat for the next few months, while this uncertainty continues.
In central Singapore, latest figures from the NUS Singapore Residential Price Index (SRPI) showed that property prices (excluding small units) had actually fallen during August, down to 1.3%, although this was balanced by a 1.2% rise in non central properties and a 1.4% rise in small units.
The SRPI is a monthly index that covers all non landed property transactions in Singapore, released by the NUS Institute of Real Estate Studies.
Most analysts are convinced that Singapore’s real estate sector is looking up however, despite the quiet summer.
Ong Kah Seng, of Cushman & Wakefield Asia Pacific, remarked that “Asia-Pacific as a whole, including Singapore, can ride out any global slowdown. It’s still on track for continuing growth.”
He explained that although Singapore, together with Hong Kong, is somewhat vulnerable to economic volatility in the west, he was sure that homeowners in the country would see property values appreciate over the next five years by around 10% to 15%, although in the near time prices may stay flat.
“However, we always have an underlying demand here, either from investors or from people who simply want to upgrade. Some buyers will likely react quickly to the reduced housing prices, and this will push markets back up again in time.”
